iShares Core S&P 500 ETF (Ondo Tokenized ETF) (IVVON) is 5.4× the size of Gold xStock (GLDX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 44 shared trading days). IVVON has been the more volatile of the two, at 71% annualised against GLDX's 34%.
$779.5700
GLDXIVVON
-0.03over 44 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | GLDX | IVVON |
|---|---|---|
| Max drawdown (400d) | -30.1% | -15.7% |
| Risk-adjusted return (90d) | -0.20 | -0.02 |
| Best 30 days (past year) | +27.3% | — |
| Worst 30 days (past year) | -15.5% | — |
Relative strength over 90 days: IVVON outperformed GLDX by 12.5% — measured on the GLDX/IVVON ratio, so it holds regardless of market direction.